The European Central Bank President Mario Draghi stated on Wednesday that he’ll take any necessary measures to keep the money-market rates in check as he guides Europe’s banks through their early stages of the economic recovery. Draghi stated; “We’ll remain particularly attentive to developments which may have implications to monetary policy and consider all available instruments. We have a vast array of instruments to this extent and we exclude no option in order to address the needs as is most appropriate.” The euro advanced 0.4 percent to $1.3586 late in the New York session, reaching the biggest one-day gain since Sept 18th. The 17 nation shared single currency was 0.2 percent weaker at 132.28 yen after falling as much as 0.9 percent. The yen strengthened 0.6 percent to 97.39 per dollar. The euro strengthened the most in two weeks versus the dollar after European Central Bank President Mario Draghi refrained from signaling that additional measures were needed to boost the region’s recovery.http://blog.fxcc.com/market-analysis

Upwards scenario: Current price setup might suggest uptrend development in near term perspective. If the price manages to surpass our resistive measure at 1.3623 (R1), we would suggest next targets at 1.3644 (R2) and 1.3665 (R3). Downwards scenario: On the other side, a dip lower the key support measure at 1.3575 (S1) would open a route towards to lower targets at 1.3555 (S2) and 1.3535 (S3).

Upwards scenario: A bullish oriented market participant might pressures to test our next resistance level at 1.6261 (R1). Loss here could open a route towards to our interim target at 1.6292 (R2) and the main aim for today locates at 1.6323 (R3). Downwards scenario: Risk of possible price regress is seen below the support level at 1.6202 (S1). Break here would suggest lower targets at 1.6170 (S2) and 1.6139 (S3) in potential.

Upwards scenario: Market commenced recovery phase from the initial downtrend formation. Clearance of our next resistive barrier at 98.05 (R1) would suggest next intraday targets at 98.32 (R2) and 98.59 (R3) in potential. Downwards scenario: Further downside extension might face next supportive barrier at 97.53 (S1). Clearance here is required to open the way towards to interim target at 97.25 (S2) and any further price regress would then be targeting 96.98 (S3).